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What are the implications of the new consumer credit switch rules for firms? David Cook, associate in the regulatory team at Pannone (part of Slater & Gordon), says the proposals require firms to undertake a strikingly comprehensive analysis of their business.
What are your observations in relation to the consumer credit switch?
It seems to me that the new rules will have a fairly significant impact on a broad range of firms. While media coverage has been focused on the payday lending sector—and that is a sector in need of tighter regulation if ever there was one—the effect will be felt in a much wider sense. The Financial Conduct Authority (FCA) regulation applies to any firm or individual offering credit cards and personal loans, selling goods or services on credit, offering goods for hire, or providing debt counselling or debt adjusting services to consumers. We believe there are many businesses that do not believe that the new regulations apply to them and it is important for any such businesses to deal with the situation now, before the FCA comes knocking.
Have you noticed any recurring issues?
Recurring issues have really related to financial promotions. The FCA has stated that it reviewed a sample of advertisements and found examples that fell below the standard required by, for example, claiming that a product will help repair credit ratings. The FCA has therefore publicly commented that c
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